Bulk sampling to commence in August and ESIA work to be completed in Q316
Edenville Energy has commenced the Environmental and Social Impact Assessment work, due to be completed in Q316 with the ESIA application to be completed in H117.
Site access upgrades are largely complete and preparations for the bulk sample are also completed. Bulk sampling is expected to commence in August with the first phase of test work to commence in September. These results will feed into the power plant and coal washing facilities design.
The Company is currently conducting site visits with equipment suppliers and EPC Groups.
NORTHLAND CAPITAL PARTNERS VIEW: Edenville Energy continues to advance the preconstruction tasks at the Rukwa Coal to Power Project, located in Tanzania. The ESIA work, due to be completed in Q316, and ESIA application, targeted for H117, will both be important milestones for the Company, as will the results of the bulk sample that is due to commence next month.
Rockwell Diamonds (CVE:RDI) – CORP: Q117 results
Market Cap: CAD$5.5m; Current Price: 10c
Q117 sees major operational improvement
During Q117 Rockwell Diamonds reported a gross profit of US$3.3m (before amortisation and depreciation). Profit attributable to owners of the parent company Totalled US$0.6m compared to a loss of US$5.1m in Q116 and US$17.4m in Q416.
Total revenue during Q117 totalled US$12.5m up 36% compared to US$9.2m in Q116 and up 20% compared to US$10.4m Q416.
Average cash costs in Q117 totalled US$9.26/m3 down 29% compared to US$13.09/m3 Q116 and in line with US$9.1/m3 in Q416.
Net debt totalled US$53m in Q117 compared to US$55m in Q416.
Drilling and pitting at the Remhoogte-Holsloot Complex Mine has revealed significantly less Rooikoppie gravels but potentially more Palaeo gravels than previously thought. An updated Palaeo gravel estimate is underway and will be reported next quarter.
Wouterspan remains on track to commence commissioning in August 2016.
NORTHLAND CAPITAL PARTNERS VIEW: Q117 has seen a major operational improvement from Rockwell Diamonds compared to the last financial year. The commissioning of the Wouterspan Mine should see the Company continue to make further improvement as it aims to reach its production target of 350,000m3 of gravel per month by the end of this financial year. The discovery of less Rooikoppie gravels could prove challenging as they tend to contain higher values stones, but although the Paleo gravels generally contain lower value diamonds they are generally much higher-grade, which may compensate for the lower value stones.
Motif files for NASDAQ listing
Motif Bio plc announced that it has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed public offering of American Depositary Shares (ADSs).
Motif Bio has also applied to have its ADSs listed on the NASDAQ Global Select Market under the ticker symbol "MTFB".
Following completion of the offering of the ADSs, Motif Bio's ordinary shares will continue to trade on the AIM market of the London Stock Exchange. The number of ADSs to be offered and the price per ADS for the offering have not yet been determined.
SunTrust Robinson Humphrey, Inc. is acting as the book-running manager for the offering.
NORTHLAND CAPITAL PARTNERS VIEW: Motif has filed for a US NASDAQ listing in preparation for flagship product iclaprim’s future US launch. We believe that a US listing could help bridge the significant valuation gap between Motif and its US peers. In the wake of a major antibiotic resistance crisis, the treatment’s sales could run into billions of US dollars per year.